The global farm management software market size is anticipated to reach USD 4.22 billion by 2025, according to a new report, expanding at a CAGR of 16.7% during the forecast period. The perpetual shortage of water along with growing population in developing countries is compelling governments to seek different ways of increasing food production.
A shift from inefficient traditional agricultural methods to modern agricultural practices would help cope with sustainability challenges in the agriculture industry, which is expected to positively influence the farm management software market over the forecast period.
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Increasing awareness regarding benefits of organic foods and their subsequently growing consumption are fueling the demand for higher agricultural output. As a result, industry players are investing in R&D activities to develop effective and efficient drones for enhancing productivity. The Food and Agriculture Organization (FAO) estimated a 60% increase in the demand for agricultural products by 2050, representing an approximate increase by 1% per year, as the global population is likely to reach 9 billion by 2050. Furthermore, growing middle-class population in emerging countries is poised to stoke the demand for agricultural products such as vegetables and fruits. Moreover, increasing uptake of healthier food is boosting the demand for market.
Increasing focus of farmers on crop yield, productivity, and farm efficiency is projected to provide a fillip to the market over the forecast period. Advancements in technologies such as cloud computing and Internet of Things (IoT) are anticipated to promote the usage of big data, artificial intelligence, and robots in farming. Big data plays an essential role in providing predictive insights in agriculture, redesigning business process, and making real-time operational decisions for altering business models.
Global IT companies such as IBM are offering software solutions and big data analytics for precision farming techniques. On the other hand, startups are moving upstream in the value chain and extending their offerings to insurance and advisory services. The value chain of the farm management software market includes suppliers, agricultural OEMs, integrators & service providers, and customers.
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Further key findings from the report suggest:
• The emergence of big data, mobile computing, and advanced sensing technology, which supports software are shaping the farm management software market
• The cloud-based deployment model is expected to witness the most promising growth, registering a CAGR of 19.5% over the projected period
• The data, which is collected through sensors and drones, is visualized through platforms developed by service providers
• The managed services segment dominated the market in 2016. Managed services are similar to third party or outsourced services. Most growers adopt managed service providers for drone services as collection of data using drones requires special assistance
• The North American market dominated the market and was valued at USD 492.7 million in 2016
• Some of the key players in the market are DeLaval International AB; CropMetrics LLC; Granular, Inc.; DICKEY-john Corporation; Gamaya; and Raven Industries.
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